This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 4 Planning – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 4 Planning Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A firm faces the following unit costs:* purchases of raw materials $ 2.00* direct labour costs $ 3.00* indirect costs $ 1.50.The selling price of the product is $ 10.00. Therefore, the added value made by the firm is: A) $ 3.50. B) $ 8.00. C) $ 5.00. D) $ 5.50. Show Answer Correct Answer: B) $ 8.00. 2. What is included in an Organizational Plan besides the form of ownership? A) Marketing strategies. B) Financial statements. C) Organizational chart. D) Product descriptions. Show Answer Correct Answer: C) Organizational chart. 3. Statement I:Planning will be a futile exercise if it is not acted upon or implemented. Statement II:Planning is closely connected with creativity and innovation. A) Statement II is correct and Statement I is not correct. B) Statement I is correct and Statement II is not correct. C) Both the Statements I and II are correct. D) Both the Statements I and II are not correct. Show Answer Correct Answer: C) Both the Statements I and II are correct. 4. Assertion (A):Developing Premises means making assumptions regarding the future. Reason (R):It is the second step in the process of planning. A) Both A and R are true and R is the correct explanation of A. B) Both A and R are true but R is not the correct explanation of A. C) A is true but R is false. D) A is false but R is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 5. Studies indicate that doing a good job planning and implementing those plans play a bigger part in high performance than does how much planning is done. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 6. A ..... provides more than the ability to "slice and dice" . A) Single dimensional view of data. B) Reports. C) Multi dimensional view of data. D) Forms. Show Answer Correct Answer: C) Multi dimensional view of data. 7. All of the following are examples of process innovation except: A) Robots in manufacturing. B) CAM. C) Computer tracking of stock. D) Product development. Show Answer Correct Answer: D) Product development. 8. What is the recommended approach to firing in project management? A) Make it quick, objective, and unemotional. B) Foster a workable agreement. C) Share responsibilities. D) Be willing to make changes. Show Answer Correct Answer: A) Make it quick, objective, and unemotional. 9. How can you calculate your amount of profit? A) Profit = Income + Expenses. B) Profit = Income-Expenses. C) Profit = Income x Expenses. D) None of the above. Show Answer Correct Answer: B) Profit = Income-Expenses. 10. Which of the following is NOT a component of the SMART goal format? A) Specific. B) Measurable. C) Attainable. D) Flexible. Show Answer Correct Answer: D) Flexible. 11. A company ran by one person A) LLC. B) Sole Proprietorship. C) Corporation. D) Partnership. Show Answer Correct Answer: B) Sole Proprietorship. 12. What is a schedule? A) A written description of the nature of the business, its goals and objectives, and how they will be achieved. B) The examination of the organization's internal strengths and weaknesses. C) A time plan for reaching objectives. D) A specific measure against which something is judged. Show Answer Correct Answer: C) A time plan for reaching objectives. 13. Renaissance Period was known for Movement of ..... A) Feminism. B) Culture. C) Humanism. D) Art Reforms. Show Answer Correct Answer: C) Humanism. 14. An objective is a ..... goal A) Short-term. B) Strategic. C) Long-term. D) Distant. Show Answer Correct Answer: A) Short-term. 15. The amount of money you make. A) Expenses. B) Savings. C) Income. D) None of the above. Show Answer Correct Answer: C) Income. 16. Assertion (A) Planning is closely connected with creativity and innovation.Reason (R):Before doing something, the manager must formulate an idea of how to work on a particular A) Both Assertion (A) and Reason (R) are true. B) Both Assertion (A) and Reason (R) are false. C) Assertion (A) is true and Reason(R) is false. D) Assertion (A) is false and Reason(R) is true. Show Answer Correct Answer: A) Both Assertion (A) and Reason (R) are true. 17. California Gold Rush was identified by ..... A) Medici Family. B) Benjamin Franklin. C) Michaelangelo. D) James W Marshall. Show Answer Correct Answer: D) James W Marshall. 18. Planning is the ..... function of Management. A) First. B) Second. C) Third. D) Last. Show Answer Correct Answer: A) First. 19. Assertion(A):Planning is an intellectual task. Reason(R):Planning involves brainstorming and highly qualified professionals are appointed for it. A) Both A and R are true and R is the correct explanation of A. B) Both A and R are true but R is not the correct explanation of A. C) A is true but R is false. D) A is false but R is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 20. In a company's SWOT analysis, which of the following is an example of a threat? A) The company makes a low quality product. B) There are many competitors in the market. C) The company's employees have bad morale. D) None of the above. Show Answer Correct Answer: B) There are many competitors in the market. 21. Which component of a Business Plan provides a high-level overview of the business? A) Business Description. B) Marketing Plan. C) Executive Summary. D) Financial Plan. Show Answer Correct Answer: C) Executive Summary. 22. An existing business may use a business plan to: A) Focus on the business idea before start-up. B) Present to shareholders at the AGM. C) Secure external finance for business expansion. D) To share with employees in the business. Show Answer Correct Answer: C) Secure external finance for business expansion. 23. Statement I:Premises are the base material upon which plans are to be drawn. Statement II:To see whether plans are being implemented and activities are performed according to schedule is a part of the planning process. A) Both the Statements I and II are correct. B) Both the Statements I and II are not correct. C) Statement I is correct and Statement II is not correct. D) Statement II is correct and Statement I is not correct. Show Answer Correct Answer: A) Both the Statements I and II are correct. 24. ..... is one of the benefits of supply chain management. A) Easy process. B) Manufacturing make-to-stock products. C) Minimum time. D) Faster response-to-market changes. Show Answer Correct Answer: C) Minimum time. 25. Which of the following is a functional area of a business? A) Outsourcing. B) Operations. C) Enterprise. D) Capital. Show Answer Correct Answer: B) Operations. Next →Related QuizzesClass 12 Business Studies Chapter 4 Planning Quiz 2Class 12 Business Studies Chapter 4 Planning Quiz 3Class 12 Business Studies Chapter 4 Planning Quiz 4Class 12 Business Studies Chapter 4 Planning Quiz 5Class 12 Business Studies Chapter 4 Planning Quiz 6Class 12 Business Studies Chapter 4 Planning Quiz 7Class 12 Business Studies Chapter 4 Planning Quiz 8Class 12 Business Studies Chapter 4 Planning Quiz 9Class 12 Business Studies Chapter 4 Planning Quiz 10Class 12 Business Studies Chapter 4 Planning Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books